Here are a few shots of the process.
if you are wondering, no, my pillows do not have shams...still working on that.
Cost Breakdown
Fabric- $20
Plywood- $13
Wood Screws- $2
Egg Crate mattress pad I used instead of foam (flat side out) $14
Batting- left over from chair project $0
Tools
Pneumatic staple gun and air compressor- purchased for the chair project, also came in handy for this project.
Jigsaw- bought this at home depot for $30, so far so good.
I thought about adding the piping like the one on my pinterest board...but I will probably just leave well enough alone. Total time spent on project, including the trip to Home Depot, 3 hours. And you know, I kind of love it more than the chairs that took one billion hours. Funny how that works out.